Telegraph race nears finish line

THE two remaining bidders for the Telegraph newspapers are biting their nails over the outcome of a crunch board meeting of Hollinger International, which owns the titles.

Sources close to the deal said Gordon Paris, interim chairman of Hollinger International, was preparing to put details of the bids to the board at the weekend.

An announcement of the winner, expected to pay up to £690m, is expected imminently.

The Barclay brothers, owners of the Scotsman group, are battling against a joint bid from venture capitalists 3i and US firm Veronis Suhler Stevenson, with David Montgomery, former Mirror Group chief executive, as an adviser.

The race was narrowed to two last week after a consortium led by private equity group CVC and the Daily Mail and General Trust, owner of the Daily Mail, the Mail on Sunday, the London Evening Standard and This Is Money, pulled out of the running.